Following table shows the domestic supply and demand schedule for rice in Thailand. Price of rice Quantity Demanded Quantity supplied
3.50 2100 3300
3.25 2150 3200
3.0 2200 3100
2.75 2250 3000
2.50 2300 2900
1.25 2350 2800
1.0 2400 2700
0.75 2450 2600
0.50 2500 2500
0.25 2550 2400
a. In autarky, what is the domestic quantity supplied and price?
b. The world price of rice is $1.25 per kilogram. If Thailand opens up to trade in rice, what will be the new domestic price of rice?
c. What quantity of rice will be supplied by domestic producers?
d. What quantity of rice will be demanded by domestic consumers?
e. How much rice will Thailand import or export?

Part A:

 Let's assume a polynomial of the second degree.
 A second-degree polynomial in its standard form is written as:
 
 Where,
 a, b, c: are the polynomial coefficients. They are real numbers other than zero.
 This definition can be used for a polynomial of degree n.
 For example, the following polynomial is written in its standard form:
 

 Part B:

 By definition we have to:
 A set has closure under an operation if the performance of that operation on the members of the set always produces a member of the same set
 This property is related to polynomials since, for example, if we want to multiply polynomials, we obtain as a result a member of the same set. That is, another polynomial.
 Let's put the following polynomials:
 
 Multiplying we have:
 
 The result of multiplying two polynomials, is also a polynomial.